Prospective customs notification amendments cannot bar provisional release consideration for earlier imports when bills of lading predate their commen...
Personal guarantor insolvency jurisdiction follows the corporate debtor's CIRP Bench, enabling inter-territorial transfer and preventing parallel proc...
Section 47-A undervaluation threshold: fraudulent intent requirement faces reconsideration after referral to a larger Bench for authoritative resoluti...
RBI supersession powers over multi-State co-operative banks operate independently of the constitutional six-month ceiling and permit statutory extensi...
Reference to a Valuation Officer for a company's fixed assets immediately before expiry of the assessment period was treated as an impermissible attempt to extend the completion deadline. A valuation was unnecessary to examine an alleged bogus depreciation claim because it could be disallowed on the available material. Nor was a genuine valuation required for alleged unaccounted payments: asset-related material and explanations were already on record, later show-cause notices did not question asset valuation, and no satisfactory reason was given for earlier inaction. The reference was characterised as a colourable and illegal use of power to invoke time exclusion, and was quashed.
Reference to a Valuation Officer for a company's fixed assets immediately before expiry of the assessment period was treated as an impermissible attempt to extend the completion deadline. A valuation was unnecessary to examine an alleged bogus depreciation claim because it could be disallowed on the available material. Nor was a genuine valuation required for alleged unaccounted payments: asset-related material and explanations were already on record, later show-cause notices did not question asset valuation, and no satisfactory reason was given for earlier inaction. The reference was characterised as a colourable and illegal use of power to invoke time exclusion, and was quashed.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4884 
